New York Markets After Hours

Obama nominates Lew to be treasury secretary

WASHINGTON (MarketWatch) -- President Barack Obama on Thursday announced that he is nominating Jack Lew to be treasury secretary, replacing Tim Geithner. Obama highlighted Lew's low-key, policy-driven approach as his chief of staff and budget director. Both Obama and Lew joked about his nominee's signature, with Obama saying Lew pledges to make at least one letter legible. Obama called Geithner one of the finest treasury secretaries in U.S. history.

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